Federal Reserve Board Chairman Alan Greenspan solidly endorses Rep. Jim Leach's legislation to repeal the Glass-Steagall Act and roll back a number of banking regulations.

In a May 10 letter, Mr. Greenspan did not address some of the controversial insurance provisions that have generated opposition to the House Banking Committee chairman's bill. But the Fed chief did support common ownership of banks and insurance companies. While many bankers back the overall bill, they oppose limits on the Comptroller of the Currency's power to grant new insurance powers.

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